00                   SENATE CONCURRENT RESOLUTION NO. 8                                                                   
01 Relating to the earnings of the Alaska permanent fund; establishing a bicameral                                         
02 legislative working group on the use of earnings of the Alaska permanent fund; and                                      
03 relating to a special session for the sole purpose of deliberating the issues surrounding                               
04 the use of the earnings of the Alaska permanent fund.                                                                   
05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
06       WHEREAS the Alaska permanent fund is a sovereign wealth fund unique in the                                      
07 United States and critically important to the citizens of the state; and                                                
08       WHEREAS, for more than 30 years, the earnings of the Alaska permanent fund have                                 
09 primarily been used for the disbursement of dividends to the citizens of the state and for                              
10 inflation proofing the principal of the fund; and                                                                       
11       WHEREAS, because of the declining oil revenue of the state, and in pursuit of the                               
12 diversification of the state's revenue sources, a portion of the earnings of the Alaska                                 
13 permanent fund is currently being used to fund essential public services; and                                           
14       WHEREAS the Alaska State Legislature supports the objective of the managers of                                  
15 the Alaska Permanent Fund Corporation to meet their fiduciary responsibility to grow the                                

01 Alaska permanent fund and supports a sustainable permanent fund dividend in perpetuity; and                             
02 WHEREAS the debate over the future use of the earnings of the Alaska permanent                                        
03 fund and the formula for the calculation of the permanent fund dividend requires the                                    
04 undivided attention of the Alaska State Legislature in a manner only a special session can                              
05 facilitate; and                                                                                                         
06 WHEREAS that debate involves unresolved issues, including the division of an                                          
07 annual draw on the earnings of the Alaska permanent fund, the transfer of funds from the                                
08 earnings reserve account in the Alaska permanent fund to the constitutionally protected                                 
09 principal of the Alaska permanent fund, and whether the earnings of the Alaska permanent                                
10 fund should be contained in a separate fund; and                                                                        
11 WHEREAS the Alaska State Legislature recognizes that, in finding a long-term fiscal                                   
12 solution for the state, the resolution of issues surrounding the future use of the earnings of the                      
13 Alaska permanent fund is paramount;                                                                                     
14 BE IT RESOLVED that a bicameral legislative working group is established to                                           
15 review the use of the earnings of the Alaska permanent fund; and be it                                                  
16 FURTHER RESOLVED that the working group will consist of four members from                                           
17 the House of Representatives and four members from the Senate appointed by the presiding                                
18 officer of each house and will include minority caucus representation from each body; and be                            
19 it                                                                                                                      
20 FURTHER RESOLVED that the working group will meet and provide policy                                                  
21 recommendations on the future use of the earnings of the Alaska permanent fund to the                                   
22 Alaska State Legislature during a 2019 special session; and be it                                                       
23 FURTHER RESOLVED that the Alaska State Legislature will call itself into a                                            
24 special session at a time and date to be determined for the sole purpose of deliberating the                            
25 issues surrounding the use of the earnings of the Alaska permanent fund.